Is Inverness, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Inverness is a seller's market

Buyer's
Market

Difference Since May 2023

Since last year, Inverness has remained a Seller's Market.

Key Takeaway

Inverness is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Inverness, IL

How much do homes in Inverness, IL cost?

Median Sold Price

$710,000

$213/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$25,000(+3.6%)

Key Takeaway

Homes in Inverness have sold for 3.6% more than they did a year ago.

Summary: The median home sold price in Inverness was $710,000 in May 2024, up 3.6% from last year, and the median price per square foot was $213.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $660K-
N/A
2 $381K$520K
+36.5%
3 $556.5K$530K
-4.8%
4 $769K$768K
-0.1%
5+ $862K$915K
+6.1%

Summary: Inverness housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 36.5%, 3 bedroom homes decreased by 4.8%, 4 bedroom homes decreased by 0.1%, and 5+ bedroom homes increased by 6.1%.

Median Sold Price Compared To Nearby Cities

Barrington
+13.7%
Palatine
+11.0%
South Barrington
+10.1%
Palatine Township
+9.5%
Inverness
+3.6%

Housing Supply in Inverness, IL

How many homes are available in Inverness, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
2636+38.5%

Summary: The Inverness real estate market had 36 homes for sale in May 2024, a 38.5% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 00
0.0%
2 34
+33.3%
3 59
+80.0%
4 68
+33.3%
5+ 1215
+25.0%

Summary: The Inverness housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 33.3%, 3 bedroom homes increased by 80%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes increased by 25%.

Number of Homes Sold

Apr 2024May 2024CHANGE
412+200.0%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

6 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Inverness, you could pay more than the asking price. 50% of homes here sold above asking price last month.

Summary: A total of 12 homes were sold or pending in Inverness in May 2024, up by 200.0% month-over-month. Of the 12 sold homes, 42% were sold under asking, 8% were sold at asking, and 50% were sold over asking.

Days on Market for Inverness, IL

How long does it take to sell a home in Inverness, IL?

Average Sale Time

May 2023May 2024CHANGE
38 Days11 Days-70.0%

Summary: Homes in Inverness had an average of 11 days on market in May 2024, down by 70% compared to last year.

Breakdown of Home Sale Times

11 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Inverness are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 12 homes were sold in Inverness; 92% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 1 Day Ago

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